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- Russia has recently taken another move in order to regulate cryptocurrencies as they introduce a new bill.
- The Russian authorities have put forward a bill as they plan to govern the issuance of cryptocurrencies.
- Cryptocurrencies and Russia were a matter of debate following Russia’s invasion of Ukraine.
Despite the fact that cryptocurrencies have made a significant position in the world of finance, they are still witnessing scrutiny from various parts of the world. And this is clarified even more through a recent instance in Russia.
The Russian authorities are boosting the cryptocurrency regulation with the introduction of a new bill as they seemingly want to govern the issuance of digital assets.
The bill came forward on June 22 under consideration prior to the country’s parliament, spells out that the individuals or entities involved in the illicit issuance of cryptocurrencies would be subjected to considerable fees.
Anatoly Aksakov presented the bill, which highlighted that if adopted into law, folks will be fined up to 5,000 Russian rubles, which equates to $90, and it would be 30,000 for the officials, that is $550. And the legal entities would be fined between 700,000 and 1,000,000 rubles.
Furthermore, if a business violates the crypto issuance guidelines, they would have to pay 700,000 rubles in fines. The proposed law also provides administrative liability for the ones illicitly carrying out activities regarding the field of digital rights.
Aksakov has also sponsored other crypto-related bills in order to have a single regulatory framework. For example, lawmakers are also associated with other legislation that seeks to ban crypto utilization for payments. However, most entities are supporting having only the ruble as the legal tender.
Russia and cryptocurrencies were in quite the limelight after the Russia-Ukraine war started.
And this proposed regulation comes as the several financial entities in the country continue to discuss the correct crypto regulation approach, given the fact that sanctions were imposed on the country after the war.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
